Income Tax Appellate Tribunal, Kolkata Bench

Parties Involved

Facts Summary

The assessee, Mega Engineers & Builders, is engaged in the manufacturing of steel furniture, dealing in hardware items, and civil construction for government departments. The case involves scrutiny of the assessee's income for the Assessment Year 2017-18. The Assessing Officer (AO) made additions to the assessee's income based on estimated work-in-progress, disallowance of depreciation and interest on a vehicle loan, and short deduction of TDS. The Commissioner of Income Tax (Appeals) affirmed the AO's order. The assessee appealed against these additions.…

Legal Issues

• 1. Addition of Rs. 14,19,352/- by the AO as work-in-progress on ad hoc and estimated basis.
• 2. Addition of Rs. 1,69,554/- by the AO for disallowance of depreciation and interest on a vehicle loan.
• 3. Addition of Rs. 61,380/- by the AO for short deduction of TDS at source.
• 4. Applicability of Section 115JB of the Income Tax Act to the assessee, a banking company.

Judgment Outcome

Decided in favour of Assessee.

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